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Cloud-based Email Threats Capitalized on Chaos of COVID-19

Trend Micro intercepted a surge in malware, phishing and credential theft

 

HONG KONG SAR – Media OutReach – 4 March 2021 – Trend Micro Incorporated (TYO: 4704; TSE: 4704), the leader in cloud security, today revealed that it blocked 16.7 million high-risk email threats that slipped past webmail providers’ native filters. This amounts to an increase of nearly a third on 2019 figures.

The new statistics are provided by Trend Micro’s Cloud App Security (CAS), an API-based solution that provides second-layer protection for Microsoft Exchange Online, Gmail, and a host of other services.[i]


To read the full Trend Micro Cloud App Security Threat Report 2020, please visit here.


“COVID-19 forced many organizations to accelerate their digital adoption plans, and SaaS apps have become indispensable to remote workers. However, where there are users, there are also threats and we’ve seen a spike in attacks targeting organizations’ perceived weakest link during the pandemic,” said Tony Lee, Head of Consulting at Trend Micro Hong Kong and Macau. “Trend Micro Cloud App Security has been indispensable in providing an extra layer of protection — each one of those nearly 17 million threats previously missed represents a risk of corporate data theft, ransomware and fraud.”

Detections of malware, credential theft and phishing emails all recorded double-digit year-on-year increases in 2020, while BEC volumes dropped slightly.

Malware-laden emails: Trend Micro detected 1.2 million emails containing malware that would otherwise have appeared in users’ inboxes, up 16% on 2019 figures. These included many Emotet and Trickbot attacks which are often the precursor to targeted ransomware.

Phishing: Trend Micro intercepted over 6.9 million phishing emails in 2020, a 19% increase from the previous year. Discounting credential phishing, the number of threats in this category surged 41% over the period. COVID-19 was a common lure, as were big-name brands like Netflix that have become popular during the pandemic. Attackers were typically looking for personal and financial information to monetize.

Credential phishing: Trend Micro detected nearly 5.5 million attempts to steal users’ credentials that were allowed through by existing cloud native security filters. This was a 14% increase on 2019 and accounted for the vast majority of detected phishing emails. Attackers are increasingly supplementing these with phone-based vishing attacks.

Business email compromise (BEC): Although BEC detections declined 18% year-on-year, average losses continue to rise — increasing 48% from the first to the second quarter of 2020.

Trend Micro Cloud App Security offers comprehensive multi-layered protection for platforms such as Microsoft 365 and Google Workspace via:

  • Machine learning-powered Writing Style DNA to spot BEC
  • Computer vision and AI for credential phishing detection
  • Sandbox malware analysis
  • Document exploit detection
  • File, email, and web reputation technologies
  • Data loss prevention (DLP)

Trend Micro Vision One, a comprehensive XDR solution providing investigation, detection, and response across your endpoints, email, network, and servers.



[i] It also protects various cloud-based applications and services, including Microsoft 365, OneDrive for Business, SharePoint Online, Google Drive, Box, Dropbox, and Salesforce.

About Trend Micro

Trend Micro, a global leader in cybersecurity, helps make the world safe for exchanging digital information. Leveraging over 30 years of security expertise, global threat research, and continuous innovation, Trend Micro enables resilience for businesses, governments, and consumers with connected solutions across cloud workloads, endpoints, email, IIoT, and networks. Our XGen™ security strategy powers our solutions with a cross-generational blend of threat-defense techniques that are optimized for key environments and leverage shared threat intelligence for better, faster protection. With over 6,700 employees in 65 countries, and the world’s most advanced global threat research and intelligence, Trend Micro enables organizations to secure their connected world. www.trendmicro.com.hk

International Women’s Day during the pandemic is actually more special – Little Flower Hut to celebrate all the nurses in Singapore

SINGAPORE – Media OutReach – 4 March 2021 – The COVID-19 pandemic affects the world and leaves millions of individuals devastated due to health downfall and other problems caused by the virus infection. As the risk factor increases, there are women who lead the way to provide immediate and untiring health responses. They are the brave and selfless nurses who remained focused on doing their duties just as how they vowed to do it no matter what. They put their lives at the front line with the aim to win the battle against the deadly virus.

Celebration in the midst of a pandemic is quite different this year, but it is more special in Singapore because the celebration is dedicated to all our nurses. As the world celebrates International Women’s Day 2021 in the month of March, Little Flower Hut offers elegant flowers and gifts and island-wide flower delivery services in Singapore.

Little Flower Hut is the leading flower shop in Singapore and is the place to go for all kinds of gifts for all occasions. Since it started operations, it stayed true to its mission — to deliver thoughtful gifts and bring happiness to each recipient. There is a wide variety of choices when it comes to fresh floral bouquets, flower gifts, and gift items, and with a large network of florists in the local areas, the flower delivery is always on time and never late.

For decades, Little Flower Hut has been outstanding in delivering gorgeous flower gifts whether for romantic occasions, annual holidays, and non-romantic celebrations. They reach the major cities, as well as the farthest corner of the country. For the owners and team of professional florists, the most important thing is to give each customer a satisfying and enjoyable flower shopping experience.

This year, in line with the celebration of International Women’s Day, Little Flower Hut salutes all nurses in Singapore and in all parts of the world. The owner of the flower shop strongly stated that this year’s celebration is more special because it does not only emphasize women’s empowerment but also appreciates their dedication in their chosen field, especially in the field of health care and medical services.

At Little Flower Hut, all flowers are guaranteed fresh and all gift items are of excellent quality. The florists craft each design expertly to provide customers with impressive gifts. On this special day of women, the florists create the most stunning designs to celebrate women, especially nurses who are the heroes of the pandemic. For the florists, it is important to spread love through flowers and help the nurses and the entire medical team in stopping the spread of the virus.

Nurses and doctors, as well as the essential workers, deserve appreciation and high respect as they work doubly hard amidst the risk and virus threat. Hence, flowers are perfect for these health heroes. In Singapore, Little Flower Hut is your partner as you choose to spread gratitude and joy to nurses on the celebration of International Women’s Day. If you want to be a part of the celebration, you can place your orders now for the flower gift delivery to all nurses you want to show appreciation to.

About Little Flower Hut:

Little Flower Hut offers flower delivery to Singapore to celebrate International Women’s Day. There is no better way to celebrate the nurses in Singapore than the gifts of fresh flowers. Good thing Little Flower Hut is the leading provider of flower delivery, giving you a fuss-free and convenient experience as you shop and send the most beautiful bouquets to nurses who remain strong and dedicated during this pandemic. For more information, please visit https://www.littleflowerhut.com.sg/.

Make This International Women’s Week Unforgettable with iShopChangi’s Exclusive Discounts and Promotions

Celebrate International Women’s Week with iShopChangi’s exclusive discounts and promotions. Whether you’re looking for a gift for yourself or a special woman in your life, we have up to 60% off thousands of tax and duty-absorbed fragrances, cosmetics, wine, chocolate and more. Running until March 14, 2021, browse iShopChangi to find luxury products at great prices.

 

SINGAPORE – Media OutReach – 4 March 2021 – For the latest International Women’s Week, iShopChangi is celebrating in style with a fresh campaign offering a wealth of sitewide discount codes and promotions. Featuring your favourite local and international brands at unbeatable prices, our online store is the ideal place to shop for a treasured loved one. Running until March 14, 2021, load up your shopping cart with some much-loved gifts today.

Incredible Sitewide 8% Off Discount Codes

It doesn’t matter what kind of gift you want to purchase this International Women’s Week, iShopChangi has a special deal that makes it the perfect time to buy. Using the code IWD8, customers can save 8% off all categories except Wines & Spirits. With no minimum spend and capped at S$30, there are literally thousands of bargains to be had.

You can save even more on top-tier beauty products such as ELIZABETH ARDEN, OLAY and INNISFREE by applying this discount to our already reduced prices. There are plenty more delights too, including alluring lingerie by VICTORIA’S SECRET and premium fragrances by JUICY COUTURE and RANCÉ 1795. Alongside deals on handbags and jewellery, we have everything you need in one spot.

Take 5% Off Your Favourite Wine and Spirits

There’s no better place to stock up on your favourite wine and spirits than iShopChangi if you’re planning on getting the girls around this International Women’s Week. To make sure you don’t miss out on anything, we’re taking 5% off our entire range for this shopping extravaganza. Simply use the DRINKS5 discount code when you’re ready to checkout.

If you prefer to drink high-quality vino, iShopChangi is offering huge savings on some of the world’s biggest names in wine. Across the likes of BOTTEGA, JACOB’S CREEK and DBR LAFITE, you’ll find that a vast range of sought-after vintages are available for heavily reduced prices. In addition to discounts on beloved spirit makers such as MACALLAN, GLENFIDDICH and HIBIKI, this discount code has no minimum spend and is capped at S$30.

Score 10% Off with Upsized Ladies’ Night vouchers

Don’t think the savings stop there. Across two special Wednesday evening events throughout this International Women’s Week, we’re also offering Upsized Ladies’ Night vouchers. Held March 3 and March 10 from 6pm-12am, we’re bumping up the discount to 10% off. With no minimum spend, capped at S$50, use codes IWD10X (3 Mar) and IWD10Z (10 Mar).

Honour This International Women’s Week in Style

Mark this special occasion in the best possible way by shopping online at iShopChangi. With outstanding discount codes and sitewide promotions on thousands of gifts and luxury products, you can ensure this International Women’s Week is the biggest one yet.

About Changi Airport Group

Changi Airport Group (Singapore) Pte Ltd (CAG) (www.changiairportgroup.com) was formed on 16 June 2009 and the corporatisation of Singapore Changi Airport (IATA: SIN, ICAO: WSSS) followed on 1 July 2009. As the company managing Changi Airport, CAG undertakes key functions focusing on airport operations and management, air hub development, commercial activities and airport emergency services. CAG also manages Seletar Airport (IATA: XSP, ICAO: WSSL) and through its subsidiary Changi Airports International, invests in and manages foreign airports.

About iShopChangi

iShopChangi was launched in 2013 as an extension of Changi Airport’s promise to deliver greater comfort and convenience to travellers in its suite of airport retail offerings. Passengers can browse and purchase tax- and duty-free products across all terminals between 30 days to 12 hours pre-flight on the e-store — and choose to collect their items at Collection Centres within departure, upon arrival or have them delivered free in Singapore. Providing easy access to over 30,000 products across 900 brands and exclusives such as Changi First product launches, the site has since received global recognition with its award for Best Website — Retail Customer Facing at The Moodies: the Airport and Travel Retail Digital Media Awards 2018. In early 2020, the e-commerce store started to retail a selection tax- and duty-absorbed products to Singapore-based residents without the need to fly.

Laos To Graduate From Least Developed Country Status by 2026

Laos Economic Growth

Laos could graduate from Least Developed Country status by 2026, according to a new announcement by the United Nations Committee for Development Policy (CDP).

Spackman Entertainment Group’s Upcoming Musical Film THE BOX, Starring EXO’s Chanyeol, Scheduled To Be Released In The Spring Of 2021

  • Following the art film STONE SKIPPING, THE BOX is the next film production of the Company’s wholly‐owned indirect subsidiary, Studio Take, founded by veteran movie producer, Mr. Song Dae‐chan
  • THE BOX will be EXO’s Chanyeol’s first lead acting role in a film
  • Directed by Yang Jung Woong, the Executive Producer of the 2018 PyeongChang Winter Olympics opening and closing ceremonies, THE BOX is set to be screened in Korea in the spring of 2021

SINGAPORE – Media OutReach – 3 March 2021 – Spackman Entertainment Group Limited (“Spackman Entertainment Group” or the “Company” and together with its subsidiaries, the “Group“), one of Korea’s leading entertainment production groups, wishes to announce that its upcoming musical film THE BOX, produced by the Company’s indirect wholly-owned subsidiary, Studio Take Co., Ltd. (“Studio Take“), is set to be released in Korea in the spring of 2021.

Following the art film STONE SKIPPING, THE BOX is the next film production of Studio Take, which was founded by veteran movie producer, Mr. Song Dae‐chan.

THE BOX is about the musical journey of an aspiring singer and a once popular producer.

Directed by Yang Jung Woong, the Executive Producer of the 2018 PyeongChang Winter Olympics opening and closing ceremonies, THE BOX stars EXO’s Chanyeol who plays the aspiring singer and Jo Dal Hwan who acts as the once popular producer. This is Chanyeol’s first lead role for a Korean commercial film. Jo Dal Hwan is known for his role in SECRET HEALER (2016), TRAFFICKERS (2012) and THE CON ARTISTS (2014).

About Spackman Entertainment Group Limited

Spackman Entertainment Group Limited (“SEGL” or the “Company“), and together with its subsidiaries, (the “Group“), founded in 2011 by Charles Spackman, is one of Korea’s leading entertainment production groups. SEGL is primarily engaged in the independent development, production, presentation, and financing of theatrical motion pictures in Korea. According to Variety, Korea was the world’s fourth largest box office market in 2019, behind only North America, China and Japan.

The Group also invests into and produces Korean television dramas. In addition to our content business, we also own equity stakes in entertainment-related companies and film funds that can financially and strategically complement our existing core operations. SEGL is listed on the Catalist of the Singapore Exchange Securities Trading Limited under the ticker 40E.

Production Labels

SEGL’s wholly-owned Zip Cinema Co., Ltd. (“Zip Cinema“) is one of the most recognised film production labels in Korea and has originated and produced some of Korea’s most commercially successful theatrical films, consecutively producing 10 profitable movies since 2009 representing an industry leading track record. Recent theatrical releases of Zip Cinema’s motion pictures include some of Korea’s highest grossing and award-winning films such as CRAZY ROMANCE (2019), DEFAULT (2018), MASTER (2016), THE PRIESTS (2015), COLD EYES (2013), and ALL ABOUT MY WIFE (2012). For more information on Zip Cinema, do visit http://zipcine.com

SEGL also owns Novus Mediacorp Co., Ltd. (“Novus Mediacorp“), an investor, presenter, and/or post-theatrical distributor for a total of 79 films (58 Korean and 21 foreign) including ROSE OF BETRAYAL, THE OUTLAWS and SECRETLY, GREATLY, which was one of the biggest box office hits of 2013 starring Kim Soo-hyun of MY LOVE FROM THE STARS, as well as FRIEND 2: THE GREAT LEGACY. In 2012, Novus Mediacorp was also the post-theatrical rights distributor of ALL ABOUT MY WIFE, a top-grossing romantic comedy produced by Zip Cinema. In 2018, THE OUTLAWS, co-presented by Novus Mediacorp broke the all-time highest Video On Demand (“VOD“) sales records in Korea. For more information on Novus Mediacorp, do visit http://novusmediacorp.com.

The Company owns a 100% equity interest in Simplex Films Limited (“Simplex Films“) which is an early stage film production firm. The maiden film of Simplex Films, JESTERS: THE GAME CHANGERS (2019), was released in Korea on 21 August 2019. Simplex Films has several line-up of films including A BOLT FROM THE BLUE (working title).


The Company owns a 100% equity interest in Take Pictures Pte. Ltd. (“Take Pictures“) which produced STONE SKIPPING (2020) and shall release THE BOX and GUARDIAN (working title) in 2021 tentatively.


The Company owns a 100% equity interest in Greenlight Content Limited (“Greenlight Content“) which is mainly involved in the business of investing into dramas and movies, as well as providing consulting services for the production of Korean content. Through the acquisition of Greenlight Content, the Group’s first co-produced drama, MY SECRET TERRIUS, starring top Korean star, So Ji Sub, achieved #1 in drama viewership ratings for its time slot and recorded double digits for its highest viewership ratings. Greenlight Content was one of the main investors of MY SECRET TERRIUS.


The Company owns a 20% equity interest in The Makers Studio Co. Ltd., which plans to produce and release four upcoming films, the first of which will be THE ISLAND OF THE GHOST’S WAIL, a comedy horror film.

Our films are theatrically distributed and released in Korea and overseas markets, as well as for subsequent post-theatrical worldwide release in other forms of media, including online streaming, cable TV, broadcast TV, IPTV, video-on-demand, and home video/DVD, etc. We release all of our motion pictures into wide-theatrical exhibition initially in Korea, and then in overseas and ancillary markets.

Talent Representation

The Company holds an effective shareholding interest of 43.88% in Spackman Media Group Limited (“SMGL“). SMGL, a company incorporated in Hong Kong, together with its subsidiaries, is collectively one of the largest entertainment talent agencies in Korea in terms of the number of artists under management, including some of the top names in the Korean entertainment industry. SMGL operates its talent management business through renowned agencies such as MSteam Entertainment Co., Ltd. (Son Ye-jin, Lee Min-jung, Ko Sung-hee), UAA&CO Inc. (Song Hye-kyo, Yoo Ah-in, Park Hyung-sik), Fiftyone K Inc. (So Ji Sub, Ok Taec-yeon), SBD Entertainment Inc. (Son Suk-ku), and Kook Entertainment Co., Ltd. (Kim Sang-kyung, Kim Ji-young). Through these full-service talent agencies in Korea, SMGL represents and guides the professional careers of a leading roster of award-winning actors/actresses in the practice areas of motion pictures, television, commercial endorsements, and branded entertainment. SMGL leverages its unparalleled portfolio of artists as a platform to develop, produce, finance and own the highest quality of entertainment content projects, including theatrical motion pictures, variety shows and TV dramas. This platform also creates and derives opportunities for SMGL to make strategic investments in development stage businesses that can collaborate with SMGL artists. SMGL is an associated company of the Company.

The Company owns a 100% equity interest in Constellation Agency Pte. Ltd. (“Constellation Agency“). Constellation Agency, which owns The P Factory Co., Ltd. (“The P Factory“) and Platform Media Group Co., Ltd. (“PMG“), is primarily involved in the business of overseas agency for Korean artists venturing into the overseas market. The P Factory is an innovative marketing solutions provider specializing in event and branded content production. PMG is a talent management agency which represents and manages the careers of major artists in film, television, commercial endorsements and branded entertainment.

Strategic Businesses

The Company owns a 100% equity interest in Frame Pictures Co., Ltd. (“Frame Pictures“). Frame Pictures is a leader in the movie/drama equipment leasing business in Korea. Established in 2014, Frame Pictures has worked with over 25 top directors and provided the camera and lighting equipment for some of Korea’s most notable drama and movie projects including ITAEWON CLASS (2020), HOW TO BUY A FRIEND (2020), KIM JI-YOUNG, BORN 1982 (2019), FOUR MEN (2019) and ASADAL CHRONICLES (2019).

We also operate a café-lounge called Upper West, in the Gangnam district of Seoul and own a professional photography studio, noon pictures Co., Ltd.

For more details, do visit http://www.spackmanentertainmentgroup.com/

A New Vision: ‘Elevating the Everyday’ with Nina Hospitality

The uplifted brand introduces bespoke experiences that provide cosy comfort and hospitality excellence for locals and travellers alike #NinaLife

 

HONG KONG SAR – Media OutReach – 3 March 2021 – L’hotel Group, a member of Chinachem Group, today unveils its brand transformation to Nina Hospitality. The new identity reflects the brand’s promise of ‘Elevating the Everyday‘ through personalised experiences that blend top-notch service with a friendly and approachable ambience throughout their properties. Nina Hospitality’s service from the heart, across their hotels, serviced apartments and residences, creates memorable moments that feel like home. Guests are invited to discover new brand touchpoints through an array of offerings, such as the ‘Hello Nina’ staycation package comprising of an exclusive one-on-one private experience with master chefs and baristas.

Nina Hospitality unveils its logo and digital touchpoints today at its flagship property
Nina Hotel Tsuen Wan West.
From left: Ms. Gina Tam, General Manager at The Lily,
Mr. Jeff Fong, General Manager at Nina Hotel Kowloon East,
Ms. Winnie Woo, General Manager of Nina Hotel Tsuen Wan West,
Mr. Keven Chan, Deputy Managing Director, Nina Hospitality,
Mr. Donald Choi, Executive Director & CEO, Chinachem Group,
Ms. Sylvia Chung, Deputy Managing Director, Nina Hospitality,
Mr. Moses Ling, Gernarl Manager of Lodgewood by Nina Hospitality,
Ms. Cissy Choi, General Manager of Nina Hotel Island South,
Mr. Ringo Poon, General Manager of Conference Lodge

Mr. Donald Choi, Executive Director & CEO, Chinachem Group, speaking at Press Conference today

“At Chinachem Group, we are committed to making a positive impact on people, communities and the environment — a key vision at the heart of our rebrand since late last year, and once again during this new transformation to Nina Hospitality,” said Donald Choi, Executive Director and CEO at Chinachem Group. “The hospitality industry has undergone unprecedented change in 2020 and travellers’ standards have shifted to expect flexible offerings and personalised service. Nina Hospitality is dedicated to satisfying our guests with a range of bespoke services to create moments that feel like home in city locations that make the travel experience more enjoyable and convenient. Our spaces are created to allow people to thrive in a comfortable environment.”

The #NinaLife experience is guided by their three brand pillars, ‘Generosity‘, ‘Social‘ and ‘Homelike Comfort‘. Showcasing the passion and dedication to Asian hospitality, every moment is warm, comfortable and memorable.

At today’s press conference held at the flagship property Nina Hotel Tsuen Wan West, Nina Hospitality introduced its new service promise of ‘Elevating the Everyday’ and revealed the logos, digital touchpoints and new uniforms. The new logo is two arms embracing to form the letter ‘N’ in soft and flowing curves, offering guests a warm welcome with a sleek, modern design. Nina Hospitality’s new, uplifted corporate brand identity includes Nina Hotels and Lodgewood by Nina Hospitality.

The refreshed brand positioning showcases the strong competitiveness and growth of the hotel business. Nina Hospitality is seeking to expand its business and influence in both local and overseas markets, with high quality hotel design, the Asian hospitality culture and expertise in hotel management.

Introducing a sustainable future and immaculate environment

Nina Hospitality is committed to fostering a sustainable future. Nina Hotels is one of the few hotel groups in Hong Kong to which public areas are awarded an Indoor Air Quality (IAQ) Certificate in Excellent Class by the Environmental Protection Department as part of the IAQ Certification Scheme. The certification is also an endorsement of the hotel ‘s approach to hygiene and safety practices, ensuring guests feel at ease while enjoying their stay. Five of the properties are assured of the high hygiene standards with certification by HKQAA’a Anti-epidemic Hygiene Measures Certification Scheme. New sustainability upgrades also include offering eco-friendly toiletries in all properties.

Transforming into the digital world

The group also thrives to excel in its management and service, aiming to bring prosperity and vibrance to all customers, business partners, practitioners in the hospitality industry and the local communities by introducing more personalised and value-added services through digitalisation and automation.

Launching the Nina Patisserie

Today also sees the launch of Nina Patisserie, a new pastry brand bringing signature sweet treats to the Hong Kong ‘must-try’ list. Guests can order signature products such as Nina Palmiers and Nina Napolean Cake series, or seasonal highlights including Sakura-themed pastries in advance via the e-shop: eshop.ninahotelgroup.com.

Empowering the next generation

Nina Hospitality supports local millennial talent. Recognised as an up-and-coming fashion designer set to shake up the industry in Hong Kong, Mountain Yam is the brain behind the new series of uniforms making use of upcycled materials for small touches. From the graphics design world, Ruth Chao, a two-time winner of the Berlin Red Dot Awards, is the mastermind of Nina Patisserie, from logo design to packaging. While illustrator Kylie Chan, known for her work in publishing indie magazines and designing graphics for local publications, was commissioned to create Nina Hospitality’s website creative illustrations. Her designs will also be available to guests in a set of six postcards, as well as mask holders, available at all properties.

Living that #NinaLife experience today

To celebrate the new brand launch, guests can discover the #NinaLife experience through new package offers available from 2 March. The ‘Hello Nina’ staycation package includes a one-night stay at the suite, a welcome gift featuring Nina Palmiers and a set of branded postcards, with flexibility on the arrangement of breakfast, tea, lunch or dinner. Guests can plan their own itinerary and enjoy the culinary journey in-room, in-restaurant or takeaway. Limited bookings of the celebratory packages will also enjoy a one-on-one experiential cooking class or latte art workshop with master chefs or baristas. Book the first #NinaLife experience at ninahotelgroup.com.

About Nina Hospitality

Nina Hospitality operates and manages two hospitality brands, Nina Hotels and Lodgewood by Nina Hospitality. Our aim is to redefine the notions of hospitality, comfort and style in Hong Kong. Guided by our unique Asian hospitality, we blend personalised service with a friendly and approachable ambience in best-in-class hotels and serviced apartments, where our guests can enjoy our signature experience of Elevating the Everyday.

Website: ninahotelgroup.com

About Chinachem Group


Chinachem Group is a leading property developer in Hong Kong. Our history of success spans 60 years. Today, we develop residential, commercial, retail and industrial buildings for sale or lease, as well as hotels for operation. Our aim is to create spaces for people to thrive in, creating sustainable value for people, society and future generations. We are Chinachem – Places with heart.

The Economist Group and The Nippon Foundation launch a new initiative to promote ocean health

TOKYO, JAPAN – Media OutReach – 3 March 2021 – Back to Blue, a new initiative from The Economist Group and The Nippon Foundation, launches today at the 8th annual World Ocean Summit. With an initial focus on ocean pollution, the three-year collaboration is a response to the escalating challenges posed by plastic pollution and, less visibly, pollution from nutrients and chemical contaminants that are damaging ocean life and ecosystems, and in turn human health. The programme, now under development, has been supported by findings from a Back to Blue global survey* which place plastic pollution (59.6% of respondents) and chemical pollution (39.1%) as the top two concerns, followed by climate change (31.1%).

The opportunity to embark on original research, stimulate fresh dialogue and explore new solutions to the vexing problems posed by pollution in the ocean is motivating both organizations. The Economist Group, through its World Ocean Initiative and World Ocean Summit, has been fostering a global conversation on the greatest challenges facing the seas. The Nippon Foundation–with its diverse programmes building and nurturing ocean networks, research and professionals–has a global reputation for championing ocean science and health. The Back to Blue initiative brings together two organisations that share a common understanding of the need for evidence-based approaches and solutions to the pressing issues faced by the ocean, offering a powerful platform from which to accelerate momentum for improving ocean health.

During remarks at the signing of a memorandum of understanding between the two organisations, Yohei Sasakawa, chairman of The Nippon Foundation, warned that “we are much aware of the land-based problems that occur around us[…]; however, when it comes to understanding the multifaceted problems of the ocean that covers 70% of the earth surface, I believe that our understanding is still very poor. This is already a threat to human security for every individual on this planet.”

Echoing these sentiments, Lord Deighton, chairman of The Economist Group, said: “We [at The Economist Group] have also developed our own passion for the ocean. We held our first World Ocean Summit in 2012, after we had argued in the newspaper that the seas were in trouble, and that human activities were having a profound impact on ocean health. A decade or so later we are more committed than ever to our vision of an ocean in robust health and with a vital economy. The ocean is too big to fail.”

Speaking on the Back to Blue initiative at the launch event, Charles Goddard, editorial director at The Economist Group, noted that “defining and heading towards a pollution-free ocean is an enormous challenge, as we are already seeing in the many extraordinary efforts to address plastic pollution. We hope Back to Blue can contribute vital new knowledge and perspectives on contaminants in the ocean, and to the global architecture of engagement needed to address them. The urgency is very real.”

* In January 2021, The Economist Group, in cooperation with The Nippon Foundation, undertook two related surveys–one of industry and public-sector executives, the other of the general public (global citizens)–to better understand their views and priorities around key ocean issues. The survey was conducted to provide a reference point for the Back to Blue initiative among the global audience we expect to be engaging, as well as to seek feedback on the direction and relevance of the initiative, and to help us gauge progress towards our goals.

Survey details:

Survey 1. industry and public sector

Sample size: 1000

Geography: 20% each from North America,, Europe and Asia-Pacific, 40% Rest of the World

Employment status: Full or part-time employees
Type of organisation respondents work for:

70% for profit organisations (a range including minimum 50 each from finance, food (including fisheries) and beverage, travel (including shipping) and tourism, energy

30% public sector, non-profit organisations or academia


Survey 2. General Public/ world citizens

Sample size: 3000

Geography: 20% each from North America,, Europe and Asia-Pacific, 40% Rest of the World
Age:
50% Millennials (1981-96) and Generation Z (1997-) / 50% Generation X (1965-80) and Baby Boomers (1946-64)

Gender: At least 40% male/female

Back to Blue

Website: backtoblueinitiative.com

MOU signing ceremony: https://www.youtube.com/watch?v=NPUar232EkA&t=3s

About The Economist Group

The Economist Group is built on high-quality, independent analysis which runs through all of its businesses. Based in London and serving a global readership and client base, the group publishes print and digital products, produces global events, and offers a range of subscriptions and other services for clients and readers. Its flagship businesses include The Economist newspaper, and research and analysis division The Economist Intelligence Unit.

About The Nippon Foundation

Established in 1962, The Nippon Foundation is Japan’s largest philanthropic foundation, providing support to public-service activities in a variety of fields across national borders. In ocean affairs, the Foundation aims to cultivate human resources who will chart a course for the ocean’s future and to pass on the ocean’s riches to future generations. Other primary areas of activity include support for children, persons with disabilities, disaster relief, and international cooperation, with the ultimate goal of achieving a society where all people support one another.

New shorter-term and micro-insurance products enter Singapore to combat increased risk aversion: Aon Global Market Insights Report

SINGAPORE – Media OutReach – 3 March 2021 – Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, has released its Q4 2020 Global Market Insights Report, which indicates increased insurance pricing across most business lines globally. In Singapore, the reopening of businesses and optimism over the vaccination programme has boosted investor confidence and an economic rebound is expected in 2021. Besides pricing increases, the Singapore insurance market is moderately challenged when compared to the global market.

Aon’s report finds that more than capital and capacity, macro factors and events such as supply chain vulnerability, lower investment yields, ongoing economic uncertainty, social inflation and weather volatility will drive risk complexity in 2021.

Brent Clawson, Chief Broking Officer, Commercial Risk Solutions, Asia, Aon, said, “The impact of claims related to COVID-19 for businesses and insurers has not yet been fully seen. The fluid situation of business interruption driven by regulations, litigation and the macro-economic environment will continue to bring complexities to the fore in 2021. COVID-19 has also resulted in claims activity in other lines of coverage, with numbers and costs likely to increase.”

In Asia, pricing has seen an overall increase. However, the extent of increase varies by several factors such as business line, sector, geography, renewal vs. new business and whether the insurer is local.

Singapore trends:

As the COVID-19 situation evolves, a tight market is likely to continue, at least through the first half of 2021.

  • Coverage is stable; however, pandemic exclusions have become common.
  • Credit insurance has become more difficult and is under heightened scrutiny.
  • New shorter-term and micro-insurance products are coming into the Singapore market.

Market dynamics of key products in Singapore:

  • Auto: Following a slump during the Circuit Breaker period in the first half of 2020, businesses are re-opening and ridership of private hire fleets is now slowly increasing. As a result of many months of reduced ridership and fewer vehicles on the road, insurers experienced favourable claims performance in 2020. In anticipation of a return to normal traffic patterns once restrictions are lifted, market pricing is seeing a modest increase.
  • Casualty: Pricing and deductibles are increasing in this field. Many insurers are imposing blanket exclusions for communicable disease as well as data risk and cyber threats. Reinsurance costs are escalating, which are likely to keep primary rates elevated.
  • Employer’s Liability / Workers Compensation: Premiums are increasing, mainly driven by changes in the new Work Injury Compensation Act, 2019 (WICA). In addition to increased benefit levels, insurers now have the added responsibility of assessing Permanent Incapacities. Some insurers have appointed third-party providers to make these assessments, thereby increasing costs for this class of insurance. Insurers are becoming more stringent in their underwriting requirements and approach in an effort to balance underwriting guidelines with WICA requirements.

The Ministry of Manpower (MoM) has mandated a minimum level of the required information, which has resulted in more accurate insurer ratings and premium changes for many insureds. Some Employer’s Liability insurers are scaling back coverage related to Contingent Liability, especially for contractors and subcontractors. As insurers seek more clarity following recent changes to WICA, renewal terms have changed in ways that have not been experienced in previous updates to the Act.

  • Financial Lines: Insurers are leveraging technical pricing approaches and rationalising capacity at the portfolio level leading to increased premium and decreased capacity. Insurers are being conservative in their scrutiny of insureds’ financial positions, operations (including return-to-work policies), controls and governance. Companies that are in industries severely impacted by COVID-19 and/or have weak financials will likely see narrowing coverage with little room for negotiation.
  • Property: Insurers are imposing Communicable Disease Exclusions, withdrawing Contingent Business Interruption coverage and imposing Cyber exclusions on Property Damage and Business Interruption (PDBI). Deductibles are increasing, particularly for Business Interruption for Singapore risk locations. Insurers continue to reduce capacity as they focus on diversification of risk, and a further reduction in capacity is expected as reinsurance rates continue to increase.

Insurers are reacting to recent losses and uncertainty by focusing their appetite and withdrawing capacity. In some cases, new terms and conditions are being required to renew coverage. With the centralisation of the underwriting function and an increased focus on profitability, insurers are no longer looking at risk through the same local lens.

Insureds are also more mindful of pricing given the current economy. Many insureds, especially those whose budgets are not aligned with current market conditions, are exploring alternatives and trade-offs (e.g., increasing deductibles) to offset proposed premium increases.

Cynthia Beveridge, President, Aon Broking, Commercial Risk Solutions, Aon, said: “There is general optimism that the rollout of the COVID-19 vaccine will have a positive economic impact. Along with the introduction of additional capacity into the market, this may result in an easing in the second half of 2021 of some of the challenges experienced in the risk and insurance environment during 2020. That said, risk complexity will continue to be impacted by supply chain vulnerability, a virtual workforce, ongoing economic uncertainty, social inflation and weather volatility. We expect heightened underwriter scrutiny on supply chain transparency and resilience, COVID-19 and communicable disease safety measures and cyber threat resilience. Pricing and coverage terms will continue to address these concerns.”

Notes to Editors

Learn more about how organisations are navigating new forms of volatility, one of their four core priorities as they have shifted in response to the COVID-19 pandemic, in Helping Organizations Chart a Course to The New Better.

About Aon

Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

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